Now we know where the bank profits come from

Regarding Advocate story: BMO cuts 1,100 jobs after Q2 profit sags 44 per cent to $358M; beats expectations

Regarding Advocate story: BMO cuts 1,100 jobs after Q2 profit sags 44 per cent to $358M; beats expectations

We sold our home last week and I was thinking how lucky we were to sell a home! Imagine my surprise when we got a phone call from our lawyer telling me that the penalty was $15,000!

That’s right, apparently the banks weren’t making enough money on the mortgages so now that interest rates have dropped, they changed the way they are calculating their penalty. . . so depending on your interest rate and months left on your mortgage now that determines what the penalty is.

Imagine my surprise, since we checked in November and were told it was $4,800, and in a few months it’s jumped to 15,000.00! And I am to feel sorry for who? The banks that are still making a profit of $358 million — in one quarter… For shame!

For the record, we were just about halfway through a 5-year closed mortgage.

Debbie York

Red Deer

Just Posted

Alberta inquiry into oil and gas foes could face legal challenge from Ecojustice

CALGARY — An environmental law group is threatening legal action if the… Continue reading

Canadian inflation decelerates to 1.9 per cent in August as gas prices weaken

OTTAWA — Canada’s annual inflation rate slowed slightly to 1.9 per cent… Continue reading

Iran tells US retaliation looms if targeted for Saudi attack

TEHRAN, Iran — Iran has warned the U.S. it will retaliate “immediately”… Continue reading

Review board hears mass killer takes medication, should have trips into Edmonton

EDMONTON — A review panel has reserved its decision on what privileges… Continue reading

N.S. senior whose birthday card request drew international response dies

SYDNEY, N.S. — A Nova Scotia widower who received thousands of birthday… Continue reading

WATCH: 2019 Canada Winter Games will leave a lasting legacy, say organizers

It leaves Red Deer with the infrastructure and confidence to host future such events

Your community calendar

Wednesday Central Alberta Historical Society annual general meeting is 6 p.m. at… Continue reading

New parent charged in admissions scam, linked to $400K bribe

BOSTON — A woman accused of paying $400,000 to get her son… Continue reading

Canadian stars Virtue, Moir say in video they’re “stepping away” from ice dancing

Canadian ice dancing stars Tessa Virtue and Scott Moir say they are… Continue reading

Bruce Cockburn avoids impulse to get political with lyric-less new album

TORONTO — If anyone is looking for activist folk singer Bruce Cockburn… Continue reading

13 seasons in, stars reflect on success of ‘Heartland,’ Canada’s ‘comfort food’

HIGH RIVER, Alta. — Alberta-born actor Shaun Johnston had already had a… Continue reading

N.S. senior whose birthday card request drew international response dies

SYDNEY, N.S. — A Nova Scotia widower who received thousands of birthday… Continue reading

Freedom of expression or personal attack? Nurse appeals fine for Facebook post

REGINA — Saskatchewan’s highest court is to decide what’s next for a… Continue reading

RCMP commissioner says info in FBI probe led to arrest of intelligence director

OTTAWA — An RCMP employee charged with trying to disclose secret information… Continue reading

Most Read